The U.S. stock market celebrated the better than expected U.S. economic data and Japan cutting rates by launching the S and P 500 23.72 points (2.1%) in a mere 6.5 hours of trading. Let's not forget the fact that the U.S. Dollar was hammered again and Wall Street is giddy as the dollar is escorted behind the barn for a thrashing. (
CNBC reached peak giddiness during the trading day and the boys and girls on Fast Money can't wait to finish spewing their celebrity status picks and treat the spouse to a well deserved Manhattan dinner as a result of "nailing the shorts to the wall rally." Spouses will be drinking 10 1/2 oz bottles of beer given the dollar haircut. In addition, the chef will have sliced off 3 ounces on the 24 ounce Porterhouse, but hey the market was green and we are really smart!
Funny thing about the great financial minds on Wall Street and those paraded around CNBC...they fail to comprehend they have still lost money during the past 3 months. The U.S. dollar index is down 12.1% since June 7, 2010 while the S and P 500 has advanced 10.5%. Are they really smarter than a 5th grader? Correct answer is NO!